EcoCash Zimbabwe has announced it would venture into the lucrative domestic remittance market through its EcoCash FCA wallet.
EcoCash FCA is added to a list of offerings that have emerged to tap into this market, including CBZ, which launched a dedicated money transfer branch, and start-ups Senditoo, and Shumba Money which offer limited-run transaction-free promotions for cash sent to Zimbabwe.
EcoCash FCA spokesperson Fungai Mandiveyi confirmed that the mobile money operator told its customers, “We want to assure our valued customers that cash will be available at all our designated outlets.”
Independent economist, Paul Musodza said the remittance market is more active and business sought-after “because the figures (regarding) incoming money has been rising over the five years.”
READ ALSO:
YC-Based Egyptian Infrastructure Management Startup Pylon Banks $19m Seed Funding Round
According to the Zimbabwe Reserve Bank, in 2021 this figure stood at US$1.430-billion.
Local companies that have witnessed a surge in the domestic remittance are BancABC’s City Hopper, NBS Banks’s Instant Cash, Steward Bank Remit, Mojo Mula, and many others.
